Alternative Investing Report - February 24, 2026

*as of 2/23; Sources: S&P, BTC, CL50, DJRE, GOLD

Software stocks fell significantly for the second trading day in a row, with notable companies such as Crowdstrike (-17%), Cloudflare (-17%), NetSkope (-22%) taking big losses. The losses were felt across the board, but particularly in the cybersecurity, SaaS, and financial sectors, all of which are threatened by AI. Overall, the major indices fell 1% or more, with uncertainty around tariffs also contributing, while safe-haven assets gold and silver both had positive days.

➨ TAKEAWAY: Anthropic debuted a new security tool last Friday which has put investors in cybersecurity stocks on edge, and a highly circulated report from Citrini Research about the risks of AI added to the concerns across the board. The report makes the case that AI bullishness, particularly the rise of AI agents, could actually lead to a bear market in the rest of the economy. While it is just a “scenario” and not a prediction, it has given fuel to bearish sentiments, which could present a buying opportunity if these concerns do not come to fruition.

In the newest episode of Smart Humans, Slava Rubin and Sacra's Jan-Erik Asplund discussed Databricks, Groq, Anduril, Anthropic, and Canva, five of the hottest pre-IPO companies in the asset class - and how investors can get access.

🪙 Bitcoin falls 5%: The leading cryptocurrency once again dipped below $65,000, nearly 50% below its all-time high from last October, as concerns about President Trump’s new tariff plans mounted. The crypto market as a whole was down 5%, with all major coins down for the day and Solana hitting its lowest mark since 2023.

🤖 OpenAI funding round: The AI startup is rumored to be in talks for a record-breaking $100 billion funding round at an $850 billion valuation, a 70% gain over its last valuation of $500 billion. Amazon is reportedly contributing $50 billion of the round, with SoftBank at $30 billion and Nvidia at $20 billion.

🚀 VC secondaries: U.S. venture secondary deal volume reached $106.3 billion in 2025, a new record that positions the asset class to approach the exit value of IPO and M&A deals. With major players such as Morgan Stanley, Charles Schwab, and Goldman Sachs entering the fray, expect volumes to continue to grow, even as popular targets like SpaceX, OpenAI, and Anthropic explore public offerings.

💵 RE secondaries: Meanwhile, real estate secondaries hit a record $20.3 billion in deal volume in 2025, up nearly 40% from 2024 and more than double the 2023 numbers. While the sector accounts for just 4% of the overall secondaries market, it does speak to investors across the asset class spectrum looking for liquidity.

🏡 Underwater homes: The percentage of homes that are “underwater” by at least 25% - meaning their mortgages are that much larger than their market value - grew to 3% of all mortgages, up from 2.5% a year before. The states with the highest rates of underwater homes are Louisiana, Mississippi, Kentucky, Iowa, and Arkansas.

🏀 $1 million Cooper Flagg jersey: The debut jersey of last year’s #1 pick and favorite for the NBA Rookie of the Year award sold for $1 million in a private sale at Sotheby’s, a record for any Flagg collectible, and a milestone for both his market and that of the debut jersey market.

A 4-bedroom, 3-bathroom 3,000 square foot home has hit the market for $325,000 in Sabin, MN, around 10 miles southeast of Fargo, ND. What sets it apart from any other home in the area? It’s a converted decommissioned grain elevator, complete with a climbing wall, playground slide, game room, built-in bar, as well as a renovated kitchen and bathrooms. The property was redone over the past decade by a Fargo architect and is currently being used as a popular AirBNB, which the potential buyer could continue, or live in it themselves.